Meanwhile, West Texas Intermediate crude -- the benchmark for oil prices in the United States -- rose for the second day in a row ahead of the crude inventory report due Wednesday. The crude inventory is expected to decline to the lowest level since March, according to Bloomberg.

Increased gasoline production led IAF Advisors Director of Research, Kyle Cooper to tell Bloomberg last week that, “With refineries running at such high rates, production will increase and a lot of gasoline is going to go into storage.”

The net effect, according to EIA, was a predicted U.S. gas price of $3.48 per gallon for June to December 2014 and a predicted price of $3.38 per gallon for 2015.

Geopolitical Tensions

Crude oil prices have been affected by the escalating tension with Russia over the Ukraine crisis and downed Malaysian jet. The Israeli-Gaza war and uncertainty regarding when Libya will be able to increase exports add to the upward price pressure and price volatility.

These tensions are a reminder that the macro gas price downtrend can always be disrupted.

At the time of this writing, Jim Probasco had no position in any mentioned securities.